Graham Capital Management, L.P.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Graham Capital Management, L.P. reported 1,220 stock positions worth $3.3 billion. Its top holding was Permian Resourc Optg LLC (pr 3.25 04/01/28) at 4.9% of the portfolio, followed by iShares Bitcoin Trust ETF (IBIT, 4.8%) and Coinbase Global Inc. (coin 0.5 06/01/26) (2.7%). Compared with Q1 2025, it opened 439 new positions, sold out of 416, added to 336 and reduced 444. The biggest buy was a new position in Permian Resourc Optg LLC (pr 3.25 04/01/28) and the biggest sale Johnson & Johnson (JNJ, shares −91%).
- Most Recent 13F
- Q2 2026
- Location
- ROWAYTON, CT
- CIK
- 0001315421
- Portfolio Value
- $3.3B (Q2 2025)
- SEC Filing
- 0001041062-25-000163 ↗ filed Aug 14, 2025
Holdings Value
Holdings 1,220 stocks · $3.3B
| PERMIAN RESOURC OPTG LLC (PR 3.25 04/01/28) | 4.93% | 66,551,000 | $161.8M | New |
| IBIT iShares Bitcoin Trust ETF | 4.76% | 2,555,708 | $156.4M | Add +15.6% |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | 2.66% | 75,500,000 | $87.4M | New |
| PURECYCLE TECHNOLOGIES (PCT 7.25 08/15/30) | 2.35% | 62,567,000 | $77.2M | New |
| NOVAVAX INC (NVAX 5 12/15/27) | 2.28% | 74,177,000 | $74.8M | New |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | 2.22% | 58,241,000 | $72.8M | New |
| BLOOM ENERGY CORP (BE 3 06/01/29) | 1.93% | 44,760,000 | $63.4M | New |
| TILRAY BRANDS INC (TLRY 5.2 06/15/27) | 1.66% | 59,500,000 | $54.7M | New |
| RIVIAN AUTO INC (RIVN 3.625 10/15/30) | 1.64% | 59,794,000 | $53.8M | New |
| BLOOM ENERGY CORP (BE 3 06/01/28) | 1.64% | 36,170,000 | $53.7M | New |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 1.26% | 506,950 | $41.4M | Add +42.8% |
| TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) | 1.21% | 41,667,000 | $39.7M | New |
| GREEN PLAINS INC (GPRE 2.25 03/15/27) | 1.12% | 43,053,000 | $36.8M | New |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | 0.98% | 27,423,468 | $32.2M | New |
| TRANSOCEAN INTERNTNL LTD (RIG 4 12/15/25 *) | 0.85% | 26,691,000 | $27.8M | New |
| AMZN Amazon.com Inc. | 0.78% | 116,754 | $25.6M | Add +62.0% |
| PEABODY ENERGY CORP (BTU 3.25 03/01/28) | 0.77% | 24,510,000 | $25.3M | New |
| CME Cme Group Inc. | 0.73% | 87,349 | $24.1M | Add +16.5% |
| SUNRUN INC (RUN 4 03/01/30) | 0.69% | 31,529,000 | $22.5M | New |
| META Meta Platforms Inc. Class A | 0.68% | 30,351 | $22.4M | Reduce -11.9% |
| DG Dollar General Corp. | 0.68% | 195,389 | $22.3M | Add +43.3% |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | 0.62% | 20,888,000 | $20.4M | New |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.59% | 110,000 | $19.4M | New |
| NVDA Nvidia Corp. | 0.59% | 122,737 | $19.4M | Reduce -2.6% |
| BSX Boston Scientific Corp. | 0.59% | 180,075 | $19.3M | Add +222.8% |
| BA The Boeing Co. | 0.58% | 90,924 | $19.1M | Add +8.6% |
| CIPHER DIGITAL INC (CIFR 1.75 05/15/30) | 0.58% | 14,765,000 | $19.0M | New |
| MELI MercadoLibre Inc. | 0.57% | 7,127 | $18.6M | Reduce -1.2% |
| ICE Intercontinental Exchange Inc. | 0.50% | 88,878 | $16.3M | Add +1949.3% |
| CAT Caterpillar Inc. | 0.48% | 40,582 | $15.8M | Add +1238.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.47% | 25,152 | $15.5M | Add +137.3% |
| EEM iShares MSCI Emerging Market | 0.47% | 318,425 | $15.4M | New |
| MNST Monster Beverage Corp. | 0.41% | 217,471 | $13.6M | New |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.41% | 991,909 | $13.6M | Reduce -21.5% |
| BX Blackstone Inc. | 0.41% | 89,723 | $13.4M | Add +121.8% |
| ADI Analog Devices Inc. | 0.40% | 55,753 | $13.3M | New |
| SCHW Schwab (charles) Corp. | 0.39% | 140,487 | $12.8M | Add +650.8% |
| GOOG Alphabet Inc. Class C | 0.39% | 71,676 | $12.7M | Reduce -5.2% |
| MU Micron Technology Inc. | 0.38% | 102,266 | $12.6M | Reduce -0.1% |
| NFLX Netflix Inc. | 0.38% | 9,349 | $12.5M | Reduce -8.9% |
| CVX Chevron Corp. | 0.38% | 86,618 | $12.4M | Add +2338.6% |
| CSCO Cisco Systems Inc. | 0.36% | 171,050 | $11.9M | Reduce -14.8% |
| EWJ iShares MSCI Japan ETF | 0.36% | 158,200 | $11.9M | Add +113.1% |
| LRCX Lam Research Corp. | 0.36% | 120,407 | $11.7M | Add +26.6% |
| OKTA Okta Inc. | 0.35% | 115,245 | $11.5M | Add +135.1% |
| ED Consolidated Edison Inc. | 0.34% | 112,361 | $11.3M | Add +92.6% |
| EMBJ Embraer SA-Spon ADR | 0.34% | 197,701 | $11.3M | Reduce -13.2% |
| VEEV Veeva Systems Inc. Class A | 0.32% | 36,925 | $10.6M | Add +224.4% |
| THE REALREAL INC (REAL 4 02/15/31) | 0.31% | 13,008,000 | $10.3M | New |
| ETHA iShares Ethereum Trust ETF | 0.30% | 525,000 | $10.0M | Add +26.5% |
| CMS CMS Energy Corp. | 0.30% | 144,008 | $10.0M | Add +2.4% |
| ACGL Arch Capital Group Ltd. | 0.30% | 109,408 | $10.0M | New |
| RRC Range Resources Corp. | 0.29% | 231,098 | $9.4M | Reduce -0.4% |
| MMM 3M Co. | 0.28% | 61,232 | $9.3M | Reduce -52.9% |
| RGA Reinsurance Group of America | 0.28% | 45,949 | $9.1M | Reduce -27.8% |
| UBER Uber Technologies Inc. | 0.28% | 97,089 | $9.1M | Add +0.6% |
| MA Mastercard Inc. Class A | 0.28% | 16,103 | $9.0M | Reduce -48.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.27% | 187,947 | $8.9M | New |
| RSP Invesco S&P 500 Equal Weight | 0.27% | 48,100 | $8.7M | Reduce -7.5% |
| XHB SS SPDR S&P Homebldrs ETF | 0.26% | 86,000 | $8.5M | Add +104.8% |
| EQH Equitable Holdings Inc. | 0.26% | 151,015 | $8.5M | Add +446.6% |
| NTNX Nutanix Inc. Class A | 0.26% | 109,605 | $8.4M | Add +320.1% |
| ADP Automatic Data Processing | 0.25% | 27,002 | $8.3M | New |
| KO The Coca-Cola Co. | 0.25% | 117,245 | $8.3M | Reduce -1.2% |
| FAST Fastenal Co. | 0.25% | 194,851 | $8.2M | Reduce -18.9% |
| AVGO Broadcom Inc. | 0.25% | 29,620 | $8.2M | New |
| HLT Hilton Worldwide Holdings Inc. | 0.24% | 29,140 | $7.8M | Add +83.4% |
| SFM Sprouts Farmers Market Inc. | 0.24% | 47,042 | $7.7M | Add +6.3% |
| CMCSA Comcast Corp. Class A | 0.23% | 215,816 | $7.7M | New |
| BRK.B Berkshire Hathaway Inc. Class B | 0.23% | 15,761 | $7.7M | New |
| BP BP PLC-Spons ADR | 0.23% | 251,380 | $7.5M | Reduce -23.8% |
| AEE Ameren Corporation | 0.22% | 75,942 | $7.3M | Add +15.3% |
| OEF iShares S&P 100 ETF | 0.22% | 23,800 | $7.2M | New |
| ETR Entergy Corp. | 0.22% | 85,835 | $7.1M | New |
| EMR Emerson Electric Co. | 0.22% | 53,500 | $7.1M | New |
| RBRK Rubrik Inc. Class A | 0.21% | 77,502 | $6.9M | Add +14.1% |
| LNG Cheniere Energy Inc. | 0.21% | 28,083 | $6.8M | Add +0.0% |
| MET Metlife Inc. | 0.21% | 84,597 | $6.8M | New |
| COHR Coherent Corp. | 0.20% | 75,090 | $6.7M | Reduce -36.0% |
| AMCR Amcor PLC | 0.20% | 720,965 | $6.6M | Add +589.4% |
| CNQ Canadian Natural Resources | 0.20% | 208,959 | $6.6M | Reduce -50.1% |
| CRM Salesforce Inc. | 0.20% | 23,916 | $6.5M | New |
| MCK McKesson Corp. | 0.20% | 8,815 | $6.5M | New |
| LEN Lennar Corp. Class A | 0.20% | 57,939 | $6.4M | Add +389.6% |
| URI United Rentals Inc. | 0.20% | 8,502 | $6.4M | Add +378.7% |
| LRN Stride Inc. | 0.19% | 43,423 | $6.3M | Add +359.0% |
| INTU Intuit Inc. | 0.19% | 7,904 | $6.2M | Add +38.9% |
| LTH Life Time Group Holdings Inc. | 0.19% | 204,394 | $6.2M | Add +62.3% |
| INDA iShares MSCI India ETF | 0.19% | 111,200 | $6.2M | Add +189.1% |
| YUM Yum! Brands Inc. | 0.19% | 41,120 | $6.1M | Add +37.3% |
| XME SS SPDR S&P Metals Mining | 0.18% | 90,000 | $6.0M | Reduce -36.6% |
| AME Ametek Inc. | 0.18% | 33,062 | $6.0M | Add +121.3% |
| MUR Murphy Oil Corp. | 0.18% | 262,731 | $5.9M | Add +0.2% |
| COST Costco Wholesale Corp. | 0.18% | 5,941 | $5.9M | Add +10.9% |
| FISV Fiserv Inc. | 0.18% | 34,026 | $5.9M | Add +130.9% |
| TEAM Atlassian Corp. Class A | 0.18% | 28,788 | $5.8M | Add +1.2% |
| PYPL PayPal Holdings Inc. | 0.18% | 78,034 | $5.8M | Reduce -42.6% |
| HBAN Huntington Bancshares Inc. | 0.18% | 343,450 | $5.8M | Reduce -46.7% |
| MFC Manulife Financial Corp. | 0.17% | 179,577 | $5.7M | Reduce -39.9% |
| SMH Vaneck Semiconductor ETF | 0.17% | 20,500 | $5.7M | New |
Options reported separately and not counted above: MSTR puts ($1.7B), IWM puts ($507.7M), SPY puts ($216.2M), IBIT puts ($153.5M), QQQ puts ($151.7M), FBTC puts ($101.1M), TLT puts ($57.4M), BITO puts ($53.8M), PCT puts ($47.6M), MARA puts ($42.8M), CLMT puts ($41.1M), EOSE puts ($38.9M), and 32 more.
Portfolio Sells Q1 2025 → Q2 2025
| JNJ Johnson & Johnson | Reduce -90.7% | 0.05% | −0.83 |
| C Citigroup Inc. | Reduce -83.2% | 0.12% | −0.81 |
| ICOW Pacer Developed Markets Inte | Sold out | 0.00% | −0.72 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Sold out | 0.00% | −0.68 |
| MMM 3M Co. | Reduce -52.9% | 0.28% | −0.60 |
| MA Mastercard Inc. Class A | Reduce -48.2% | 0.28% | −0.52 |
| VUG Vanguard Mrngstar GR ETF-Sui | Sold out | 0.00% | −0.50 |
| CARR Carrier Global Corp. | Reduce -89.8% | 0.04% | −0.45 |
| PG The Procter & Gamble Co. | Reduce -93.7% | 0.02% | −0.41 |
| MRK Merck & Co. Inc. | Sold out | 0.00% | −0.40 |
| DIS The Walt Disney Co. | Sold out | 0.00% | −0.40 |
| CNQ Canadian Natural Resources | Reduce -50.1% | 0.20% | −0.40 |
| NWSA News Corp. Class A | Reduce -87.9% | 0.04% | −0.39 |
| ALL Allstate Corp. | Reduce -77.2% | 0.06% | −0.37 |
| HD Home Depot Inc. | Reduce -53.2% | 0.16% | −0.37 |
| NI Nisource Inc. | Reduce -70.8% | 0.09% | −0.37 |
| PRU Prudential Financial Inc. | Sold out | 0.00% | −0.37 |
| GLW Corning Inc. | Sold out | 0.00% | −0.36 |
| NOC Northrop Grumman Corp. | Sold out | 0.00% | −0.35 |
| EMXC iShares MSCI Emr MRK Ex Chna | Sold out | 0.00% | −0.34 |
| FLG Flagstar Bank NA | Reduce -66.0% | 0.09% | −0.34 |
| D Dominion Energy Inc. | Reduce -52.9% | 0.15% | −0.33 |
| NTRS Northern Trust Corp. | Reduce -96.7% | 0.01% | −0.33 |
| JWN Nordstrom Inc. | Sold out | 0.00% | −0.32 |
| TVTX Travere Therapeutics Inc. | Sold out | 0.00% | −0.32 |
| TRV The Travelers Cos Inc. | Sold out | 0.00% | −0.31 |
| RGA Reinsurance Group of America | Reduce -27.8% | 0.28% | −0.30 |
| IFF Intl Flavors & Fragrances | Sold out | 0.00% | −0.29 |
| DUOL Duolingo | Reduce -69.2% | 0.10% | −0.29 |
| BP BP PLC-Spons ADR | Reduce -23.8% | 0.23% | −0.29 |
| DD Dupont DE Nemours Inc. | Reduce -80.7% | 0.04% | −0.29 |
| MCO Moody's Corp. | Sold out | 0.00% | −0.28 |
| EWU iShares MSCI United Kingdom | Sold out | 0.00% | −0.28 |
| HBAN Huntington Bancshares Inc. | Reduce -46.7% | 0.18% | −0.27 |
| EWW iShares MSCI Mexico ETF | Sold out | 0.00% | −0.27 |
| EXC Exelon Corp. | Reduce -81.2% | 0.03% | −0.27 |
| VRN Veren Inc. | Sold out | 0.00% | −0.26 |
| MFC Manulife Financial Corp. | Reduce -39.9% | 0.17% | −0.26 |
| TSLA Tesla Inc. | Reduce -77.7% | 0.06% | −0.26 |
| TSN Tyson Foods Inc. Class A | Sold out | 0.00% | −0.26 |
| WBS Webster Financial Corp. | Sold out | 0.00% | −0.25 |
| CM Can Imperial BK of Commerce | Reduce -87.6% | 0.03% | −0.25 |
| WEN The Wendy's Co. | Sold out | 0.00% | −0.25 |
| EWBC East West Bancorp Inc. | Reduce -87.8% | 0.02% | −0.24 |
| META Meta Platforms Inc. Class A | Reduce -11.9% | 0.68% | −0.24 |
| XLK SS Technology Select Sector | Sold out | 0.00% | −0.24 |
| PYPL PayPal Holdings Inc. | Reduce -42.6% | 0.18% | −0.24 |
| CMG Chipotle Mexican Grill Inc. | Sold out | 0.00% | −0.23 |
| IBKR Interactive Brokers Gro Class A | Reduce -92.1% | 0.02% | −0.22 |
| CSCO Cisco Systems Inc. | Reduce -14.8% | 0.36% | −0.21 |
Portfolio Buys Q1 2025 → Q2 2025
| PERMIAN RESOURC OPTG LLC (PR 3.25 04/01/28) | New | 4.93% | +4.93 |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | New | 2.66% | +2.66 |
| PURECYCLE TECHNOLOGIES (PCT 7.25 08/15/30) | New | 2.35% | +2.35 |
| NOVAVAX INC (NVAX 5 12/15/27) | New | 2.28% | +2.28 |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | New | 2.22% | +2.22 |
| BLOOM ENERGY CORP (BE 3 06/01/29) | New | 1.93% | +1.93 |
| TILRAY BRANDS INC (TLRY 5.2 06/15/27) | New | 1.66% | +1.66 |
| RIVIAN AUTO INC (RIVN 3.625 10/15/30) | New | 1.64% | +1.64 |
| BLOOM ENERGY CORP (BE 3 06/01/28) | New | 1.64% | +1.64 |
| TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) | New | 1.21% | +1.21 |
| GREEN PLAINS INC (GPRE 2.25 03/15/27) | New | 1.12% | +1.12 |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | New | 0.98% | +0.98 |
| TRANSOCEAN INTERNTNL LTD (RIG 4 12/15/25 *) | New | 0.85% | +0.85 |
| PEABODY ENERGY CORP (BTU 3.25 03/01/28) | New | 0.77% | +0.77 |
| SUNRUN INC (RUN 4 03/01/30) | New | 0.69% | +0.69 |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | New | 0.62% | +0.62 |
| VTV Vanguard Mrngstr Val ETF-Aui | New | 0.59% | +0.59 |
| CIPHER DIGITAL INC (CIFR 1.75 05/15/30) | New | 0.58% | +0.58 |
| EEM iShares MSCI Emerging Market | New | 0.47% | +0.47 |
| ICE Intercontinental Exchange Inc. | Add +1949.3% | 0.50% | +0.46 |
| CAT Caterpillar Inc. | Add +1238.5% | 0.48% | +0.43 |
| MNST Monster Beverage Corp. | New | 0.41% | +0.41 |
| ADI Analog Devices Inc. | New | 0.40% | +0.40 |
| CVX Chevron Corp. | Add +2338.6% | 0.38% | +0.35 |
| BSX Boston Scientific Corp. | Add +222.8% | 0.59% | +0.33 |
| SCHW Schwab (charles) Corp. | Add +650.8% | 0.39% | +0.32 |
| THE REALREAL INC (REAL 4 02/15/31) | New | 0.31% | +0.31 |
| ACGL Arch Capital Group Ltd. | New | 0.30% | +0.30 |
| BAC Bank of America Corp. | New | 0.27% | +0.27 |
| ADP Automatic Data Processing | New | 0.25% | +0.25 |
| AVGO Broadcom Inc. | New | 0.25% | +0.25 |
| CMCSA Comcast Corp. Class A | New | 0.23% | +0.23 |
| BRK.B Berkshire Hathaway Inc. Class B | New | 0.23% | +0.23 |
| OEF iShares S&P 100 ETF | New | 0.22% | +0.22 |
| ETR Entergy Corp. | New | 0.22% | +0.22 |
| EMR Emerson Electric Co. | New | 0.22% | +0.22 |
| MET Metlife Inc. | New | 0.21% | +0.21 |
| VEEV Veeva Systems Inc. Class A | Add +224.4% | 0.32% | +0.20 |
| CRM Salesforce Inc. | New | 0.20% | +0.20 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +137.3% | 0.47% | +0.20 |
| MCK McKesson Corp. | New | 0.20% | +0.20 |
| EQH Equitable Holdings Inc. | Add +446.6% | 0.26% | +0.19 |
| SMH Vaneck Semiconductor ETF | New | 0.17% | +0.17 |
| NTNX Nutanix Inc. Class A | Add +320.1% | 0.26% | +0.17 |
| COR Cencora Inc. | New | 0.17% | +0.17 |
| PCAPU Procap Acquisition Corp. | New | 0.16% | +0.16 |
| OXY Occidental Petroleum Corp. | New | 0.16% | +0.16 |
| PH Parker Hannifin Corp. | New | 0.16% | +0.16 |
| GDX Vaneck Gold Miners ETF | New | 0.16% | +0.16 |
| CTSH Cognizant Tech Solutions-A | Add +2549.4% | 0.17% | +0.16 |
Options Activity Q1 2025 → Q2 2025
| MSTR Strategy Inc. | put | Reduce -8.3% | 4,237,200 | $1.7B |
| IWM iShares Russell 2000 ETF | put | Reduce -11.1% | 2,352,900 | $507.7M |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | Sold out | 3,322,900 | $262.1Mbefore exit |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Add +670.9% | 350,000 | $216.2M |
| IBIT iShares Bitcoin Trust ETF | put | Add +9.0% | 2,507,600 | $153.5M |
| QQQ Invesco QQQ Trust Series 1 | put | New | 275,000 | $151.7M |
| FBTC Fidelity Wise Origin Bitcoin | put | New | 1,075,400 | $101.1M |
| TLT iShares 20+ Year Treasury BD | put | Reduce -16.0% | 650,000 | $57.4M |
| PCT Purecycle Technologies Inc. | put | Add +198.2% | 3,475,800 | $47.6M |
| CLMT Calumet Inc. | put | Add +30.5% | 2,610,100 | $41.1M |
| EOSE Eos Energy Enterprises Inc. | put | New | 7,601,100 | $38.9M |
| SPY SS SPDR S&P 500 ETF Trust-US | call | Sold out | 50,800 | $28.4Mbefore exit |
| GDX Vaneck Gold Miners ETF | call | Reduce -33.7% | 440,000 | $22.9M |
| RUN Sunrun Inc. | put | New | 2,377,700 | $19.4M |
| AAPL Apple Inc. | put | New | 90,000 | $18.5M |
| GRPN Groupon Inc. | put | New | 425,000 | $14.2M |
| APLD Applied Digital Corp. | put | New | 1,320,200 | $13.3M |
| ECHO Echostar Corp. Class A | put | New | 432,900 | $12.0M |
| PCT Purecycle Technologies Inc. | call | Add +254.1% | 853,400 | $11.7M |
| GLD SPDR Gold Shares | call | Sold out | 37,000 | $10.7Mbefore exit |
| PLUG Plug Power Inc. | put | Add +144.1% | 6,893,100 | $10.3M |
| LCID Lucid Group Inc. | put | Add +65.2% | 3,857,900 | $8.1M |
| GPRE Green Plains Inc. | put | New | 1,287,000 | $7.8M |
| EWG iShares MSCI Germany ETF | put | Sold out | 200,000 | $7.4Mbefore exit |
| ABR Arbor Realty Trust Inc. | put | Sold out | 628,800 | $7.4Mbefore exit |
| NFE New Fortress Energy Inc. | put | New | 1,895,500 | $6.3M |
| NVAX Novavax Inc. | put | Add +451.8% | 2,449,900 | $6.3M |
| GPRE Green Plains Inc. | call | New | 1,005,500 | $6.1M |
| FEZ State Street SPDR Euro Stoxx | put | New | 100,000 | $6.0M |
| QQQ Invesco QQQ Trust Series 1 | call | Reduce -50.0% | 10,000 | $5.5M |
| GDX Vaneck Gold Miners ETF | put | New | 100,000 | $5.2M |
| BTDR Bitdeer Technologies Group-A | put | New | 430,700 | $4.9M |
| EWT iShares MSCI Taiwan ETF | put | New | 80,500 | $4.6M |
| SLV iShares Silver Trust | call | Add +3776.7% | 2,326,000 | $4.6M |
| B Barrick Mining Corp. | call | New | 184,000 | $3.8M |
| V Visa Inc. Class A | put | Reduce -33.3% | 10,000 | $3.6M |
| SPCE Virgin Galactic Holdings Inc. | put | New | 1,194,700 | $3.3M |
| NVDA Nvidia Corp. | call | Sold out | 26,000 | $2.8Mbefore exit |
| XLF SS Financial Select Sector | put | New | 50,000 | $2.6M |
| EPD Enterprise Products Partners | call | New | 75,000 | $2.3M |
| BBAI Bigbear.ai Holdings Inc. | put | Reduce -65.4% | 207,500 | $1.4M |
| WOLF Wolfspeed Inc. | put | Sold out | 440,700 | $1.3Mbefore exit |
| FXI iShares China Large-Cap ETF | call | Sold out | 25,000 | $896Kbefore exit |
| MAXNQ Maxeon Solar Technologie | put | Sold out | 289,000 | $853Kbefore exit |
| KWEB Kranesh Csi China Internet | call | Sold out | 20,000 | $698Kbefore exit |
| CRM Salesforce Inc. | call | New | 2,500 | $682K |
| AMD Advanced Micro Devices | call | Sold out | 5,000 | $514Kbefore exit |
| ASSET ENTITIES INC | put | New | 109,800 | $412K |
| NOVAQ Sunnova Energy International | call | Sold out | 991,300 | $369Kbefore exit |
| GOOG Alphabet Inc. Class C | call | Sold out | 2,000 | $312Kbefore exit |
Showing the first 50 of 58.
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025
| PERMIAN RESOURC OPTG LLC (PR 3.25 04/01/28) | NOTE 3.250% 4/0 · principal | Sold out | 67,381,000 | $165.4Mbefore exit |
| BLOOM ENERGY CORP (BE 2.5 08/15/25) | NOTE 2.500% 8/1 · principal | Sold out | 86,144,000 | $110.8Mbefore exit |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | Sold out | 75,500,000 | $74.0Mbefore exit |
| PENN ENTERTAINMENT INC (PENN 2.75 05/15/26) | NOTE 2.750% 5/1 · principal | Sold out | 62,179,000 | $63.9Mbefore exit |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | NOTE 2.500% 3/1 · principal | Sold out | 55,741,000 | $63.6Mbefore exit |
| NOVAVAX INC (NVAX 5 12/15/27) | NOTE 5.000%12/1 · principal | Sold out | 67,827,000 | $63.2Mbefore exit |
| TILRAY BRANDS INC (TLRY 5.2 06/15/27) | NOTE 5.200% 6/1 · principal | Sold out | 64,500,000 | $60.7Mbefore exit |
| RIVIAN AUTO INC (RIVN 3.625 10/15/30) | NOTE 3.625%10/1 · principal | Sold out | 69,794,000 | $60.6Mbefore exit |
| BLOOM ENERGY CORP (BE 3 06/01/28) | NOTE 3.000% 6/0 · principal | Sold out | 36,170,000 | $47.5Mbefore exit |
| TRANSOCEAN INTERNTNL LTD (RIG 4 12/15/25 *) | DEB 4.000%12/1 · principal | Sold out | 39,076,000 | $39.9Mbefore exit |
| GROUPON INC (GRPN 6.25 03/15/27 *) | NOTE 6.250% 3/1 · principal | Sold out | 35,500,000 | $37.3Mbefore exit |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | Sold out | 33,000,000 | $36.9Mbefore exit |
| PURECYCLE TECHNOLOGIES (PCT 7.25 08/15/30) | NOTE 7.250% 8/1 · principal | Sold out | 40,517,000 | $33.5Mbefore exit |
| GREEN PLAINS INC (GPRE 2.25 03/15/27) | NOTE 2.250% 3/1 · principal | Sold out | 37,803,000 | $31.7Mbefore exit |
| PEABODY ENERGY CORP (BTU 3.25 03/01/28) | NOTE 3.250% 3/0 · principal | Sold out | 29,510,000 | $30.6Mbefore exit |
| PLUG POWER INC (PLUG 3.75 06/01/25) | NOTE 3.750% 6/0 · principal | Sold out | 27,459,000 | $27.1Mbefore exit |
| TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) | NOTE 2.250% 3/0 · principal | Sold out | 20,762,000 | $20.7Mbefore exit |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | Sold out | 15,888,000 | $15.5Mbefore exit |
| THE REALREAL INC (REAL 4 02/15/31) | DEBT 4.000% 2/1 · principal | Sold out | 12,100,000 | $10.1Mbefore exit |
| ARBOR REALTY TRUST INC (ABR 7.5 08/01/25) | NOTE 7.500% 8/0 · principal | Sold out | 9,213,000 | $9.2Mbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 1,134 | $2.6B | NVDA, AMZN, GOOG, C, HYG |
| Q1 2026 | 1,056 | $2.2B | AMZN, NVDA, GOOG, EWY, C |
| Q4 2025 | 1,139 | $2.0B | IBIT, AMZN, META, EWC, NVDA |
| Q3 2025 | 1,146 | $1.8B | IBIT, GDX, XLU, AMZN, VTV |
| Q2 2025 | 1,220 | $3.3B | PERMIAN RESOURC OPTG LLC (PR 3.25 04/01/28), IBIT, COINBASE GLOBAL INC (COIN 0.5 06/01/26), PURECYCLE TECHNOLOGIES (PCT 7.25 08/15/30), NOVAVAX INC (NVAX 5 12/15/27) |
| Q1 2025 | 1,197 | $2.2B | IBIT, XLU, C, CME, META |
| Q4 2024 | 1,151 | $2.0B | IBIT, MSTR, NVDA, HYG, META |
| Q3 2024 | 1,008 | $1.9B | IBIT, META, MSFT, NVDA, WMT |
| Q2 2024 | 952 | $1.6B | IBIT, MSTR, META, HES, KO |
| Q1 2024 | 976 | $1.9B | IBIT, DG, AMZN, MSFT, MSTR |